This study analyses hundreds of Private Equity deals that we advised on in 2024 and previous years, providing unique insights into market trends.
Key Findings and Insights
- Private equity deal activity rose in 2024, beating expectations.
- Exits and secondary buyouts saw a slight increase.
- TMT led in deal volume, while Energy & Climate rebounded and Consumer Products declined.
- Fewer deals involved auctions, with more relying on price adjustments and earn-outs.
- Use of W&I insurance rose sharply, especially in high-value deals.
- Sellers kept strong positions on liability, but ESG legal due diligence remained rare.
Market Outlook
Private equity activity is set to grow in 2025, supported by stabilising interest rates and renewed confidence in debt markets. Exits may pick up, though pricing remains firm.
Short-term risks—including tariffs, geopolitical tensions, and economic volatility—may affect momentum.
Investors are expected to favour resilient sectors like healthcare, technology, energy, and infrastructure. Small and mid-cap deals will likely lead, with a possible rise in large-cap transactions as financing conditions improve.
